TO: Board of Supervisors
FROM: Ryan J. Alsop, Chief Executive Officer
REPORT BY: Jasmine Elo, Management Analyst
SUBJECT: Loan No. 9 in the amount of $1,214,634 to the NBRID to consolidate and extend the term of two outstanding loans
RECOMMENDATION
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Adopt a Resolution authorizing a new loan of $1,214,634 to the Napa Berryessa Resort Improvement District which will consolidate and extend the term of two outstanding loans for no net increase to total loan balances, accept a promissory note from the District; and approve a Budget Amendment. (Fiscal Impact: Net Zero, General Fund, Not Budgeted, Discretionary)
[4/5 vote required]
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BACKGROUND
Napa Berryessa Resort Improvement District (NBRID) is a special district of the State of California organized in 1965 under the Resort Improvement District Law (Public Resources Code Section 13000 et seq.) for the provision of water and sewer service in an unincorporated portion of the County of Napa.
Beginning in 1995, the NBRID's infrastructure suffered significant deterioration due to many components reaching the end of their useful life. In response, staff initiated small-scale rehabilitation projects whenever permissible within the confines of available funding. However, many necessary repairs were beyond the NBRID's budgetary capacity, and the deficient critical facilities resulted in negative action by the Regional Water Quality Control Board ("Regional Board").
The decline of the facilities and the mandates imposed by the Regional Board prompted a series of requests for loans from Napa County for various repair and improvement projects between 2008 and 2013. NBRID currently has five active loans from the County totaling $5,000,000. Further description of each active loan is as follows:
The loans include: Loan No. 1 for $869,000 which is the result of the consolidation of two smaller loans issued between 2008 and 2012 used to fund capital projects and operations and maintenance activities; Loan No. 5 fo...
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